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Resgreen Group International (OTCMKTS:RGGI) Stock Sees Selling Pressure At Higher Level

Ash K , , , ,

Resgreen Group International (OTCMKTS:RGGI) dropped 12% after the robotic firm announced the transition to a parts supplier based in Hong King to cut assembly times, minimize production costs, and help in avoiding supply chain problems for the leading AGV, PullBuddy.

Market Stats

On Tuesday, RGGI stock slid 11.80% at $0.0172 with more than 34k shares, compared to its average volume of 610k shares. The stock has moved within a range of $0.0172 – 0.0200 after opening trading at $0.0200.

Announces Shift to New Hong Kong Based Parts Supplier

CEO Parsh Patel said that in creating a relationship with the new parts supplier, the company is focusing on minimizing assembly times on material handling vehicles and cutting production costs. Patel added that reducing lead times on deliverable products will serve as a considerable and high-value benefit for clients.

RGGI is a top Artificial Intelligence Robotics, Automatic Guide Vehicles (AGVs), and Autonomous Mobile Robots (AMRS) developer. The company is making considerable efforts to avoid the issues mentioned to meet client needs for cost-effective delivery of products within a reasonable period. This is vital considering the concerns global markets are experiencing because of supply chain challenges. Therefore, in the coming months, investors should keep an eye on RGGI.

Key Quote

“In developing a relationship with our new parts supplier, RGGI is focused on reducing assembly times on our material handling vehicles and decreasing production costs. Reducing our lead time on deliverable products serves a significant and highly valued benefit for customers.” said Parsh Patel, CEO of Resgreen Group International. “RGGI is making every effort to circumvent these issues in order to satisfy client needs for a cost-effective product delivered in a reasonable time frame. That is extremely important in today’s atmosphere and a concern that has been expressed as supply chain issues persist.”

Traders Corner

RGGI stock is trading below the 20-Day and 50-Day Moving averages of $0.0191 and $0.0243 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0476. The stock is down 50% in the past 3-month.